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FarmersHomeowners Plus
Sales Agent Support Training Course #1
Presentation Slides, Version 1.7
Covering thethings that makeyour housea home
Service performed by
Sales Agent Support Training Course #1 -- Version 1.7
Covering thethings that makeyour housea homeH O M E O W N E R S P L U S
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s you know, it doesn’t take a fire or a theft to disrupt the inner workings of your home. In fact, it’s usually the little things thatcause the biggest headaches. Which is why we’re introducing
Farmers Homeowners Plus-- an in-home service contract designed to keep your home runningsmoothly. It picks up where your homeowner’s policy leaves off, covering major components from the wiring in your walls to the dishwasher in your kitchen. And it does so with confidence.
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The Agent Support Training Course is designed as a resourcefor ideas and suggestions to help you market this product.These are not scripts, they are suggestions only.
Sales Agent Support Training Course #1 -- Version 1.7
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Training Course Outline
Product Information & Selling Procedures
Completing the Application
Penetrating the Contract into Your Market
Stories that Sell
Handling Objections
What’s in it for me ?
Goal Setting & Achievement
It’s as easy as . . . 1, 2, 3 !
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Learn Product &Selling Procedures
Learn SalesTechniques
Sell & Achieve
Sales Agent Support Training Course #1 -- Version 1.7
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Product Information &Selling Procedures
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Sales Agent Support Training Course #1 -- Version 1.7
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Here’s what’s covered Basic Coverage
Plumbing System
Heating System
Electrical System
Oven/Range/Cooktop
Built-in Dishwasher
Built-in Microwave
Additional Coverage Items
Central A/C
Garbage Disposal
Trash Compactor
Garage Door Opener
Kitchen Refrigerator
Water Heater
Washer and Dryer
Well Pumps
Multiple Basic Coverage Items
Coverage for unexpected financial loss due to failure or breakdown
Stand-alone Freezer
Sump Pump
Pool
Spa
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Surcharges• Oil Furnace• Per 1,000 square feet for homes in excess of 4,000 square feet
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Product Features
Complete coverage No limit on the number of service calls
Low $230 annual coverage cost for Basic Coverage
Only a $50 deductible (per individual occurrence/breakdown) If additional service calls are necessary for the same claim
within the first 90 days following a repair, additional deductibles are not charged.
No home inspection
No restrictions due to age of home or appliance/system
If necessary, appliance/system replacement with like kind and quality
. . . covers the working half of your customers’ homes !
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Product Features
Service performed by Sears HomeCentral Over 14,000 trained and directly employed service specialists nationwide
Access to 4.2 million parts -- world’s largest electronic library
1.1 million in-home repairs per month
All service is backed by by Sears’ 100-year commitment to quality andcustomer service
One toll-free number for all service calls -- (800) 654-4477 Call anytime -- day or night (24 hours/day, 7 days/week, 365 days/year)
Convenient appointments that fit your schedule
Emergency service available
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Additional Product Information
Farmers Homeowners Plus product is sold under the Horizontal Marketing Agreement
Coverage is for one year
Effective date of the contract (coverage) begins 30 days after the date the application and contract fee are received by the agent
Appliances/systems must be in working order when thecontract is purchased
Basic Coverage covers homes up to 4,000 square feet Larger homes are available for coverage at a surcharge
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Advantages for your customers
Picks up where Homeowners coverage leaves off
Reduces the anxiety of worrying about repairingmajor items
Can simplify budgeting for major item replacements
Services are performed by Sears HomeCentral’s national network of service specialists
All your customers need to do is call the toll-free number to receive service
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Market Research -- Background
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A recent national study indicated that: 50% of all respondents were interested in finding out more about the
contract (after the contract was fully described to them)
> 30% were interested in purchasing the contract
Consumers showing the strongest interest: anticipated breakdowns (older home, older appliances,
longer occupancy in home)
were not certain who to call for specific breakdowns
owned extended warranties or maintenance agreements on some household items
Time-starved dual-worker households
. . . you could achieve a 30%+ closing ratio !
You can usethese ideasas qualificationquestions withyour customers!
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Market Research -- Background (continued)
According to the national survey: Age and income level played no significant role related to contract interest.
No significant differences based on geography.
Breadth of coverage and quality of service were more important than price.
Gender played no significant role related to contract interest.
The convenience that this contract provides was attractive to two-income households.
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Market Research -- Background (continued)
Existing homeowners insurance policies do not providerepair/replacement coverage for
- home appliances- heating and cooling systems
- plumbing and electrical systemsthat fail due to normal wear and
tear
Traditional service contracts available to your customers: Service contract from retailers for individual products
Service contract from after market companies for individual products
Home Warranty program sold by real estate agents during a home sale
The things that make your house
a home
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Market Research -- Background (continued)
New breeds of service contract products on the horizon: New types of service contracts from manufacturers, retailers, utility
companies, mortgage companies and service companies for individual products and bundles of products
New Home Warranty programs sold by real estate agents for home sales
New breeds of policies sold by insurance agents/companies: Mechanical breakdown insurance policies
Whole-home mechanical breakdown service contracts
Who is talking to your customers ?
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Target Market
Individuals or families who reside in single-family dwellings Your existing customers that own insurance policies
-- Home, Life, and Auto
Prospective home buyers
Home sellers
New customers
Prospective customers
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Cancellations & Transfers
Customers may transfer coverage to the buyers when they sell their home
Customers may cancel the contract at any time
Farmers may cancel the contract for the following reasons: non-payment of contract fee
non-payment of deductible
material misrepresentation of fact
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Renewals
The contract will be renewed annuallyupon payment of renewal fee
Customers need only pay the renewalfee within 30 days of receiving therenewal invoice to avoid cancellation
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Payment Options & Mailing Locations Total contract fee paid with the application
Two-payment option -- half of the total contract fee with the application (2nd half is due in 60 days with a $3.00 service fee)
Four-payment option--25% of the contract fee with the application. The remaining payment will be billed in three equal installments every 60 days. A $3.00 service fee will apply to each installment.
Payment Method--Credit Card (Visa/MC), Check (payable to Farmers Insurance)
Addresses for forwarding applications & payments:
Administrative ServicesFarmers Homeowners PlusP.O. Box 1236Stamford, CT 06904-1236
Administrative ServicesFarmers Homeowners Plus750 Washington Blvd.Stamford, CT 06901
Via Regular Mail Via Overnight Mail
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Contract fee collection & receipting process
Contract fee is not submitted through the normal ACA process.
A receipt is written to the customer from the Farmers Receipt book.
As there is no contract number available to enter in the receipt, enter the product name--Farmers Homeowners Plus--for the description.
The yellow receipt copy is to be given to the insured, the pink receipt copy can be maintained in the customer’s file, and the original can be filed with the daily ACA paperwork.
Deposit a cash payment into the agency trust account. Remit a check for the same amount to Farmers Insurance. Send the check with the customer’s application to Administrative Services (DO NOT SEND CASH WITH THE APPLICATION).
Credit card information is completed on the application and forwarded to Farmers Insurance Administrative Office.
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Toolbox of Sales Support Materials
FarmersAgent TrainingGuide
FarmersHomePlus
Application
SALES TOOLBOX
FarmersHomePlus
Agent TrainingGuide #32-7802
Homeowners PlusBrochure #36-4058
Stuffer#36-3058
Counter Card#36-0059
Homeowners PlusApplication #31-4126
Remittance EnvelopeSRN 25-4133
Training Materials Brochures & Marketing Supplies
Application Supplies
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Sales Agent SupportTraining Course #1
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Support Phone Numbers
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Support from Farmers Contact the Value Added Representative at your state office
To order supplies from the Sales Toolbox, fax your order to the Material Distribution Customer Service Center -- (909) 628-
5433, or phone urgent requests to (909) 591-1456
Support from Sears Home Administrative Services Company For contract and customer inquiries, call
the Sales Agent Hotline -- (800) 310-3340
» 9:00 AM - 5:00 PM Local Time
Farmers Homeowners Plus CustomerService Line (for customers) -- (800) 654-4477
» 24 hours/day, 365 days/year
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Completing the Application
See pages 6-9 of the Agent Training Guide
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Exercise -- Filling Out An Application
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Fill out an application using the following information:
Application Header Information:• Check -- New Application• Application date -- today’s date• Assigned Agent -- your agent information•Product Type -- House, Condo, etc.
1. Household/Contract Information:• Homeowner -- John A. Farmers• Property Address -- 123 Bluebird Lane
<Local City>, <State> <Zip Code> <County>
• <Nearest Cross Streets>
• Mailing Address -- 2244 Rocky Road <Local City>, <State> <Zip Code>
• Applicant’s Phone (Home) -- (<Local Area Code>) 333-1240• Applicant’s Phone (Business) -- (<Local Area Code>) 444-5500
•House Square Footage -- 5,200
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Exercise -- Filling Out An Application (cont.)
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Fill out an application using the following information:
2. Coverages:
A. Basic Coverage: • All contracts must include basic coverage contract fee
B. Additional Item Coverage:
Item Quantity
Air Conditioning system 1Pool 1Garage Door Opener 1Stand Alone Freezer 1Additional Refrigerator 1
3. Surcharges:Item Quantity
Per 1,000 square feet for homesin excess of 4,000 square feet 2
4. Payment Information:•1 Pay, 2 Pay or 4 Pay•Check or Visa/Master Card
B. Additional Item Coverage -- Enter Quantities and Extended contract fee
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Penetrating the Service Contract
. . . Into YOUR MARKET !
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Sales Agent Support Training Course #1 -- Version 1.7
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Penetrating Quickly into Your Market
Phone or send mail solicitations to your current customer base All of your customers should be key targets - this contract can be sold to
anyone at anytime!
Discuss Homeowners Plus during Farmers Friendly Reviews and renewal conversations with your customers
Network with local realtors to sell the contract to Home Sellers
Contact each customer with a Homeowners policy renewing the next month and ask if he/she wants “complete” coverage
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Penetrating Quickly into Your Market (cont.)
Contact customers who have lived in their homes > 5 years
Contact your customers who are moving The contract can be transferred to the purchaser of the home
Serviced by Sears HomeCentral
Customer is protected until the sale is made--maximizes home sale profit
Added protection makes home more desirable to purchasers
Gives you a foot in the door with the home purchaser--automatic new customer who can purchase home, life, and auto from you
Cross-market the contract with: A home, life, or auto quote
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Penetrating Quickly into Your Market (cont.)
Package the folder, stuffer, and other marketing support materials in mailers to your customers
Feature counter cards and posters at your agency
Use the Homeowners Plus contract in an innovative way to solicit new business to new prospects (SELL IT AS A STAND-ALONE Service Contract)
Refer your customers who own personal computers to the Farmers internet website at www.farmersinsurance.com
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Stories that Sell
What stories sell the Farmers Homeowners Plus contract ?
This section is designed to serve as a resource for ideas and suggestions to help you market
the Homeowners Plus contract.
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If the customer has more ways of saying NOthan you have to encourage him/her to say YES,then who loses?
(because he/she will not get a chance to receive all of the benefits from the Farmers Homeowners Plus contract).
You,Your Agency,
and most of all
Your Customer
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The “Risk Avoidance Sell”
CUSTOMER: “You’ve mentioned a few times that this contract covers the working half of my home. What do you mean?”
YOU: “What I mean is: Standard homeowners insurance only provides coverage for liability and catastrophic
loss of the structural parts of your house. That’s only 1/2 of your home! Unless you purchase the Homeowners Plus contract that provides breakdown coverage for your appliances and home systems, the items that you depend on every day are
not covered.
Without Farmers Homeowners Plus, you have to manage the cost of breakdowns, which can
drain large amounts from your bank account when you least expect it, or when you least desire it!”
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The “Convenience Sell”
CUSTOMER: “Why should I purchase the contract?”
YOU: “Well Mr./Mrs. Customer, like automobiles, home appliances and systems are becoming more and more
technical. Not only that, you have more than 15 different types of appliances and systems in your home.
Let me ask you: - How difficult is it to find quality servicers for
those 15+ types of appliances and systems? … It’s difficult! - How can you be sure of the quality
workmanship of those various servicers? …You can’t! - Would the servicer replace your appliance with a model of like kind and quality if your appliance could not be repaired? … No! - And for all of these types of appliances and systems, would you be sure that the servicer would pick up the phone at 1:00 AM to help you if your air conditioning went down?
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The “Convenience Sell”
CUSTOMER: “Why should I purchase the contract?”
YOU (continued): “Let me ask you: - And how much would you pay for an
emergency service call if you needed service at 1:00 AM? - How much would you pay
for all of these services (provided 24 hours/day, 365 days/year) if your out-of-pocket expense per service call is only $50?
Well, with Farmers Homeowners Plus, you are now worry-free!
- All appliances and systems in your home can be covered under one contract. Thus, you have peace of mind knowing that everything is covered!
- All appliances/systems are repaired by Sears HomeCentral’s national network of service specialists. This gives you one simple way to handle all breakdowns. “
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The “Convenience Sell”
CUSTOMER: “Why should I purchase the contract?”
YOU (continued): “ Well, with Farmers Homeowners Plus, you are now worry-free!
- There’s just one toll-free phone number to call for service 24 hours/day, 365 days/year. This saves you time and offers you wonderful convenience.
- All service is backed by Sears’ 100-year commitment to quality and customer service. - Emergency service is available. - If your appliance/system cannot be repaired, then the item will be replaced with another item of like kind and quality--at no additional cost to you! You pay only the deductible!
- There are no limits on the number of service calls you can make during the coverage period.
- Just one small deductible per breakdown, including any service recalls that are necessary for the same claim within the first 90 days following a repair.”
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The “Why Pay Double? Sell” CUSTOMER: “Is this contract worth the money?”
YOU: “Well Mr./Mrs. Customer, would you ever pay twice the amount to repair/replace the appliances and systems in your home? Of course you wouldn’t! I would like to show you how without the Farmers Homeowners Plus contract, you are probably spending double!
Over a 10-year period of time, you could spend between $12,000 and $13,000 to repair/replace the appliances and systems in your home -- and that’s just for the Basic Coverage items in the Homeowners Plus contract. $12,000 is about one year of college for a child, a few rooms of nice furniture, or a small boat.
If you purchased the Basic Coverage, Air Conditioning, Refrigerator, Washer/Dryer and the Pool Coverage Option of
the Farmers Homeowners Plus contract (about $500 per year), you would actually cut the cost of repairs and replacements in half!”
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The “Why Pay Double? Sell” (cont.)
If the customer asks you to clarify your $12,000 - $13,000 estimate, use the following information below.
YOU: “Here’s how I came up with the estimate. These numbers could be off a bit, but they are pretty close:”
Routine Repairs,Major Repairs,and Replacementsfor All BasicCoverage Items,Air Conditioning,and Pool:
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Home Appliance / System
Replacements & Major Repairs
(Including Installation)
Routine Repairs
Total Repairs &
Replacements
Farmers Homeowners
Plus
Kitchen Refrigerator 900$ 200$ 1,100$ Oven/Range/Cooktop 550$ 100$ 650$ Built-In Dishwasher 700$ 300$ 1,000$ Built-In Microwave Oven 300$ 100$ 400$ Plumbing System 500$ 300$ 800$ Heating System 1,000$ 600$ 1,600$ Water Heater 450$ 300$ 750$ Washer, Clothes 550$ 100$ 650$ Dryer, Clothes 550$ 100$ 650$ Electrical System 300$ 200$ 500$ Air Conditioning System 1,500$ 600$ 2,100$ Pool (Heating, Pumping, Filtration) 1,800$ 800$ 2,600$
TOTAL EXPENSES: 9,100$ 3,700$ 12,800$ 6,250$
10 years ofcontract fee($550/year),plus 20 paiddeductibles($50 each)
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The “Why Pay Double? Sell”
YOU: “In addition to cutting your costs in half, you keep control of your annual expenses for home appliance/system repairs and replacements to a low annual fee and
a low deductible amount.
This helps you avoid large, costly out-of-pocket surprises!”
___________________________________________________________________
POTENTIAL REPLY FROM CUSTOMER:
“If this is such a good deal, then how does Farmers make any money? This sounds too good to be true.”
YOU: “This contract is very similar to any other service contract-- you may have more claims one year than another. Farmers, like any good company, offers quality products and makes a modest profit.”
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The “Reduction to the Ridiculous Sell”
CUSTOMER: “This contract costs too much!”
YOU (#1): “Mr./Mrs. Customer, what is more important to you-- the cost of a daily can of soda from the vending machine,
or the security of the investment you have in the working parts of your home?”
YOU (#2): Use the Why Pay Double? Sell
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Handling Objections
Many years ago, a large American shoe manufacturer senttwo sales reps out to different parts of the Australian outbackto see if they could drum up some business among the aborigines.Some time later, the company received telegrams from bothagents. The first one said, No business here…natives don’twear shoes.” The second one said, “Great opportunity here…natives don’t wear shoes.”
unknown
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Handling Objections __________________________________________________________________
CUSTOMER: “I already have service contracts on one (or a few ) appliances/systems in my home.”
YOU: “Mr./Mrs. Customer, you obviously see the benefits of owning a contract like Homeowners Plus. Why
deny yourself of even more benefit by not covering all of the working parts of your home?
And why not consolidate your payments (if you have more than one service contract) into this
exciting comprehensive contract?”__________________________________________________________________
CUSTOMER: “This contract costs too much!”
YOU: Refer to the Why Pay Double? Sell and the Reduction to the Ridiculous Sell.
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Handling Objections (continued) __________________________________________________________________
CUSTOMER: “Over the past several years, I rarely have had the need for service on my home appliances/systems.”
YOU: “Mr./Mrs. Customer, that must mean that you are severely past due for several major repairs and replacements in the next few years. Doesn’t it?
__________________________________________________________________
CUSTOMER: “This contract costs more than a comparable Home Warranty, service contract, or insurance policy.”
[This statement should be incorrect. The Farmers Homeowners Plus is priced competitively. Be sure to examine the details of any competitive offering.]
YOU: - Examine the differences in coverage (number of items covered and types of coverage).- Review the features and benefits with the customer.
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Handling Objections (continued) __________________________________________________________________
CUSTOMER: “My house doesn’t need this contract to sell.”
YOU: “Your home may not need this contract to sell. Homes sell with and without this contract. However, isn’t it true that the
more piece of mind a buyer has, the easier it is to sell a home?
You actually benefit in three ways by purchasing Homeowners Plus before you sell your home:
#1) You can receive the benefits of the contract between the time you purchase the contract and the time you sell your home. What if you have an unexpected breakdown at this financially-critical time?
#2) By purchasing Homeowners Plus, you actually maximize the profit you take from the sale of your home. If the purchaser’s
home inspector identifies repairs/replacements covered under the contract, your contract helps you control and minimize your out-of-pocket expenses.”
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Handling Objections (continued) __________________________________________________________________
CUSTOMER: “My house doesn’t need this contract to sell.”
YOU (continued): “#3) The Homeowners Plus contract is transferable to the purchaser. This feature limits the purchaser’s risk, and thus makes the sale of the home easier for the seller.
#4) If service-related problems pop up after the home sale, the purchaser has some place to go for help.”
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Handling Objections (continued) __________________________________________________________________
MORE DIFFICULT CUSTOMER OBJECTIONS:
“My home is new.”
“Most of my appliances are new.”
“I like to take care of all repairs and replacements myself.”
YOU: Try to look for holes in the customer’s objections.
Example Questions:“Are all of the customer’s appliances new? What about the systems in
the home (plumbing, electrical, heating, A/C)? Are they new also? If one broke down, could the customer repair it himself/herself? Who would
the customer call if he/she needed service? How much time is left on the manufacturers’ warranties of the customer’s products? If the customer
likes to take care of repairs himself/herself, then who pays for the parts- and what about the customer’s time?”
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What’s in it for me ?
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What’s in it for me?
New Business Commission
Service Commission
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18% of contract fee
15% of contract fee
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What’s in it for me?
Differentiates you from the pack !
Enables you to offer your customers complete home coverage
Helps you achieve your financial and personal goals
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Goal Setting & Achievement
If we do what is necessary,all the odds are in our favor...
Henry Kissinger
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Your motivations . . .
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If you don’t, your competitors will -- and to your customers !!!
Instant additional revenue generator -- great new story !!!
Your customers should own the contract -- it’s good for them !!!
Sales & incentive goals -- Farmers is counting on you !!!
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Goal Measurement Actual Results
Personal income
Closing ratio %
Self-gen leads
Sales revenue
Monthly, ($XXX)
Monthly, (XX)%
(XX) per week
Monthly, ($XXX)
Personal & professional goal setting
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Good Luck !!!
Farmers Homeowners Plus
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